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Campbell Reports Second Quarter Earnings Per Share At $.49; Shipments of U.S. Soup Decreased 6 Percent for the Quarter and Were Even for the First Half of Fiscal Year 2002

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CAMDEN, N.J.–(BUSINESS WIRE)–Feb. 13, 2002–Campbell Soup
Company (NYSE:CPB) today reported diluted earnings per share for the
second quarter ended January 27, 2002, of $.49. Excluding the costs of
the previously announced Australian manufacturing reconfiguration,
diluted earnings per share were $.50, down 23 percent or $.15 from the
comparable period last year. This is consistent with the company’s
November 14, 2001 announcement that it expected diluted earnings per
share for the second quarter to be between $.48-$.52.

Net sales in the quarter increased 3 percent to $1.8 billion. The
following factors drove the increase:

For the quarter, wet soup shipments compared to one year ago were
down 6 percent in the U.S. and up 4 percent in international,
resulting in a 3 percent worldwide decline. Net earnings for the
quarter were $203 million. Excluding the impact of the Australian
reconfiguration, net earnings for the quarter were $206 million, down
24 percent versus a year earlier. The lower earnings were a result of
the following: lower U.S. wet soup shipments; the planned significant
increase in marketing investments across the portfolio; and the
continued softness in Godiva’s performance due to the events of
September 11 and the weak U.S. economy. The lower earnings were
partially offset by favorable short-term interest rates. Total
marketing investment for the quarter was up 17 percent before the
impact of currency and the European acquisition.

For the first half of fiscal year 2002, net sales increased 6
percent to $3.5 billion. The following factors drove the increase:

For the half, wet soup shipments compared to one year ago were
even for the U.S. and up 7 percent in international, resulting in a 2
percent worldwide increase. Net earnings for the first half were $374
million. Excluding the impact of the Australian reconfiguration, net
earnings for the first half were $380 million, down 20 percent versus
a year earlier.

Douglas R. Conant, President and Chief Executive Officer, said,
“We are continuing to execute the transformation plan we launched last
July. We are making strategic investments in consumer marketing,
product quality, innovation, infrastructure and our people to put
Campbell back on a sustainable growth track.

“However, in our largest business, U.S. soup, strong shipments in
the first quarter driven by planned marketing investments and a modest
increase in pantry stock following September 11, have been offset in
the second quarter by lower shipments, linked principally to warm
weather and the unwinding of the first quarter build in pantry stock.
More specifically, while our ready-to-serve brands such as `Campbell’s
Chunky’ and `Campbell’s Select’ continued to exhibit positive
momentum, our condensed soups had a much weaker quarter. Although we
are not satisfied with this performance, we are confident that as our
transformation plan unfolds, we will revitalize this important
franchise.

“Beyond U.S. soup, several businesses including Pepperidge Farm,
Arnotts and U.S. `Prego’ and `Pace’ sauce businesses have delivered
positive sales performances this year. We are continuing to lay the
groundwork across the entire portfolio to realize the full potential
of our businesses.”

For the fiscal year, the company is maintaining its previous
earnings estimate of approximately $1.30 per share, excluding the
impact of the Australian reconfiguration. For the fiscal year 2002
third quarter, the company expects diluted earnings per share to be
between $.21-$.24, excluding the impact of the Australian
reconfiguration.

In addition, the company reported:

A summary of fiscal year 2002 second quarter results by segment
follows:

North America Soup and Away From Home

Sales for the quarter decreased 5 percent or $40 million to $812
million due to a 6 percent decrease in U.S. soup shipments. Operating
earnings were $216 million, down 27 percent, resulting from lower
volumes in condensed soup and the company’s previously announced plans
to significantly increase marketing investments.

For the quarter, shipments of condensed soup decreased 13 percent,
shipments of ready-to-serve soup increased 1 percent and shipments of
“Swanson” broth increased 3 percent.

For the half, shipments of condensed soup decreased 7 percent,
shipments of ready-to-serve soup increased 9 percent and shipments of
“Swanson” broth increased 5 percent. Quality improvements in
“Campbell’s Chunky” and “Campbell’s Select” soups helped lead the
ready-to-serve increases.

For the quarter, shipments of eating soups decreased 8 percent and
shipments of cooking soups decreased 5 percent.

For the half, shipments of both eating and cooking soups declined
less than 1 percent.

Canada had strong sales results for the quarter and the first
half.

North America Sauces and Beverages

Sales for the quarter increased 2 percent to $319 million.
Operating earnings decreased 27 percent to $65 million. The earnings
decline was driven by a planned increase in marketing for “Prego”
Italian sauces, “Pace” Mexican sauces and “V8” vegetable juice.

Biscuits and Confectionery

Biscuits and Confectionery sales for the quarter increased 1
percent to $428 million. Excluding the impact of currency, sales
increased 2 percent. Volume growth at Arnotts and Pepperidge Farm was
offset by lower sales at Godiva, principally in North America.
Operating earnings declined 10 percent to $80 million, excluding the
impact of the Australian manufacturing reconfiguration. Excluding the
impact of currency, operating earnings declined 8 percent. This
decrease resulted from a planned increase in marketing investments and
the decline in sales and earnings at Godiva.

Pepperidge Farm delivered solid sales performance across its
portfolio with increased shipments and share growth in all strategic
categories — cookies, crackers, breads and frozen products. New
products, including “Giant Goldfish” sandwich crackers and “Dessert
Bliss” cookies performed well. “Farmhouse” breads delivered a positive
performance and new varieties of “Pepperidge Farm” Texas toast helped
increase frozen product sales. Total sales of “Goldfish” products were
up, led by “Giant Goldfish” crackers and the new “Goldfish” sandwich
crackers.

Godiva Chocolatier’s sales and earnings were negatively impacted
by weaknesses in the U.S. economy and the events of September 11,
which reduced sales at retail outlets such as airport duty-free stores
and resort-destination stores.

Arnotts in Australia reported increased sales driven by new “Rix”
rice chips and “Rice Shapes,” as well as new premium “Emporio”
biscuits.

International Soup and Sauces

International Soup and Sauces sales for the quarter increased by
53 percent to $251 million compared to $164 million a year ago.
Operating earnings increased by 47 percent to $28 million compared to
$19 million a year ago. These results were principally driven by the
European acquisition. Excluding the impact of the European acquisition
and currency, sales decreased 3 percent and operating earnings
declined 31 percent as a result of planned increases in marketing
investments to drive long-term growth.

In Europe, base sales were down slightly versus a year earlier.
Sales softness in the United Kingdom across soup and sauces was
partially offset by growth of “Liebig” soups in France. On the
innovation front, full distribution in France of “Liebig DeliSoup” for
children was achieved and the new “Homepride” stir fry sauces in the
United Kingdom performed well. The newly acquired European dry soup
and sauces business is meeting expectations despite some initially
weak marketplace performance.

In Asia Pacific, progress continues to be made on the soup and
broths business in Australia as consumer purchases of “Campbell’s”
soups outperformed the category.

Reporting Changes

The company adopted the Emerging Issues Task Force (EITF)
consensus on Issue No. 00-10 “Accounting for Shipping and Handling
Fees and Costs” in the fourth quarter of fiscal year 2001. In the
first quarter of fiscal year 2002, the company adopted EITF Issues No.
00-14 and 00-25, which address the measurement and income statement
classification of certain consumer and trade sales promotion expenses
such as coupon redemption costs, cooperative advertising programs and
in-store display incentives. As a result, the following
reclassifications were made to the second quarter and first half of
fiscal year 2001 financial statements:

Conference Call

The company will host a conference call to discuss these results
on February 13, 2002 at 10:00 a.m. Eastern Standard Time. U.S.
participants may access the call at 1-800-857-9600 and non-U.S.
participants at 630-395-0025. Participants should call at least five
minutes prior to the starting time. The passcode is Campbell Soup. The
conference leader is Len Griehs. The call will also be broadcast live
over the Internet at https://www.campbellsoup.com and can be accessed
by clicking on the “News” banner. A recording of the call will be
available approximately two hours after it is completed through
midnight February 18, 2002 at 1-800-964-4586 for U.S. callers or
1-402-998-0980 for non-U.S. participants.

Forward-Looking Statements

This release contains “forward-looking statements” which reflect
the company’s current expectations about its future performance. These
forward-looking statements rely on a number of assumptions and
estimates which could be inaccurate and which are subject to risks and
uncertainties. Actual results could vary materially from those
anticipated or expressed in any forward-looking statement made by the
company. Please refer to the company’s most recent Form 10-K and
subsequent filings for a further discussion of these risks and
uncertainties. The company disclaims any obligation or intent to
update the forward-looking statements in order to reflect events or
circumstances after the date of this release.

About Campbell Soup Company

Campbell Soup Company is a global manufacturer and marketer of
high quality soup, sauces, beverage, biscuits, confectionery and
prepared food products. The company owns a portfolio of more than 20
market-leading businesses each with more than $100 million in sales.
They include “Campbell’s” soups worldwide, “Erasco” soups in Germany
and “Liebig” soups in France, “Pepperidge Farm” cookies and crackers,
“V8” vegetable juices, “V8 Splash” juice beverages, “Pace” Mexican
sauces, “Prego” Italian sauces, “Franco-American” canned pastas and
gravies, “Swanson” broths, “Homepride” sauces in the United Kingdom,
“Arnott’s” biscuits in Australia and “Godiva” chocolates around the
world. The company also owns dry soup and sauce businesses in Europe
under the “Batchelors,” “Oxo,” “Lesieur,” “Royco,” “Liebig,” “Heisse
Tasse,” “Bla Band” and “McDonnells” brands. The company is ably
supported by approximately 24,000 employees worldwide. For more
information on the company, visit Campbell’s website on the Internet
at www.campbellsoup.com.

CONTACT: Campbell Soup Company
Elizabeth Bingham Douglass (Media)
856/342-3813
or
Leonard F. Griehs (Analysts)
856/342-6428
                  CAMPBELL SOUP COMPANY CONSOLIDATED
                  STATEMENTS OF EARNINGS (unaudited)
                 (millions, except per share amounts)

                                             THREE MONTHS ENDED
                                             ------------------
                                            January      January
                                           27, 2002     28, 2001
                                           ---------   ---------

Net sales                                   $  1,810    $  1,755
                                            ---------   ---------
Costs and expenses  
  Cost of products sold                        1,004         918
  Selling, general and
   administrative expenses                       453         377
  Restructuring charge                             1           -
                                            ---------   ---------
Total costs and expenses                       1,458       1,295
                                            ---------   ---------

Earnings before interest and taxes               352         460
  Interest, net                                   45          49
                                            ---------   ---------
Earnings before taxes                            307         411

Taxes on earnings                                104         140
                                            ---------   ---------

Net earnings                                $    203    $    271
                                            =========   =========
Per share - basic
  Net earnings                              $   0.49    $   0.65
                                            =========   =========

  Dividends                                 $  .1575    $   .225
                                            =========   =========

Weighted average shares outstanding - basic      410         415
                                            =========   =========


Per share - assuming dilution
  Net earnings                              $   0.49    $   0.65
                                            =========   =========

Weighted average shares outstanding
 - assuming dilution                             411         419
                                            =========   =========


In the first quarter fiscal 2002 ended October 28, 2001, the company
adopted new accounting standards related to the recognition,
measurement and income statement classification of certain consumer
and trade promotional expenses, such as coupon redemption costs,
cooperative advertising programs and in-store display incentives. In
the fourth quarter of last year, the company adopted new guidance on
the classification of shipping and handling costs. As a result, the
following reclassifications were made to the three month period ended
January 28, 2001, statement of earnings: Net sales were reduced by
$202; Cost of products sold was increased by $56; and Selling, general
and administrative expenses were reduced by $258.




                  CAMPBELL SOUP COMPANY CONSOLIDATED
                  STATEMENTS OF EARNINGS (unaudited)
                 (millions, except per share amounts)

                                                   SIX MONTHS ENDED
                                                   ----------------
                                                 January     January
                                                27, 2002    28, 2001
                                                --------    --------

Net sales                                       $  3,539    $  3,336
                                                --------    --------
Costs and expenses 
  Cost of products sold                            1,975       1,774
  Selling, general and
    administrative expenses                          897         739
  Restructuring charge                                 1           -
                                                --------    --------
Total costs and expenses                           2,873       2,513
                                                --------    --------
Earnings before interest and taxes                   666         823
  Interest, net                                       98         101
                                                --------    --------
Earnings before taxes                                568         722

Taxes on earnings                                    194         247
                                                --------    --------
Net earnings                                    $    374    $    475
                                                ========    ========
Per share - basic
  Net earnings                                  $   0.91    $   1.14
                                                ========    ========

  Dividends                                     $   .315    $   .450
                                                ========    ========

Weighted average shares outstanding - basic          410         418
                                                ========    ========

Per share - assuming dilution
  Net earnings                                  $   0.91    $   1.12
                                                ========    ========

Weighted average shares outstanding
 - assuming dilution                                 411         425
                                                ========    ========

In the first quarter fiscal 2002 ended October 28, 2001, the company
adopted new accounting standards related to the recognition,
measurement and income statement classification of certain consumer
and trade promotional expenses, such as coupon redemption costs,
cooperative advertising programs and in-store display incentives. In
the fourth quarter of last year, the company adopted new guidance on
the classification of shipping and handling costs. As a result, the
following reclassifications were made to the six month period ended
January 28, 2001, statement of earnings: Net sales were reduced by
$399; Cost of products sold was increased by $105; and Selling,
general and administrative expenses were reduced by $504.





                  CAMPBELL SOUP COMPANY CONSOLIDATED
        SUPPLEMENTAL SCHEDULE OF SALES AND EARNINGS (unaudited)
                 (millions, except per share amounts)


                                  THREE MONTHS ENDED
                                  ------------------
                                   January   January  Percent
Sales                             27, 2002  28, 2001  Change
-----                             --------  --------  -------
Contributions:
   North America Soup and
    Away From Home                $   812   $   852   -5%
   North America Sauces and
    Beverages                         319       314    2%
   Biscuits and Confectionery         428       425    1%
   International Soup and Sauces      251       164   53%
                                  -------   -------
    Total  sales                  $ 1,810   $ 1,755    3% 
                                  =======   =======

                                                           Percent
                                                           Change
                                                           Excluding
                                                           Special
Earnings                                                   Charges (1)
--------                                                   -----------
Contributions:
   North America Soup and
    Away From Home                $   216   $   294   -27%   -27%
   North America Sauces and
    Beverages                          65        89   -27%   -27%
   Biscuits and Confectionery          76        89   -15%   -10%
   International Soup and Sauces       28        19    47%    47%
                                  -------   -------
        Total operating earnings      385       491   -22%   -21%
        Unallocated corporate
         expenses                     (33)      (31)
                                  -------   -------

Earnings before interest and
 taxes                                352       460   -23%   -23%
Interest, net                         (45)      (49)
Taxes on earnings                    (104)     (140)
                                  -------   -------
Net earnings                      $   203   $   271   -25%   -24%
                                  =======   =======

Net earnings per share - assuming
 dilution                         $   .49   $   .65   -25%   -23%
                                  =======   =======


In the first quarter fiscal 2002 ended October 28, 2001, the company
adopted new accounting standards related to the recognition,
measurement and income statement classification of certain consumer
and trade promotional expenses, such as coupon redemption costs,
cooperative advertising programs and in-store display incentives. In
the fourth quarter of last year, the company adopted new guidance on
the classification of shipping and handling costs. As a result, the
following reclassifications were made to the three month period ended
January 28, 2001, statement of earnings: Net sales were reduced by
$202; Cost of products sold was increased by $56; and Selling, general
and administrative expenses were reduced by $258.

(1) Percent change is calculated excluding the effects of the
    Australian manufacturing reconfiguration plan announced in fiscal
    2001.



                  CAMPBELL SOUP COMPANY CONSOLIDATED
        SUPPLEMENTAL SCHEDULE OF SALES AND EARNINGS (unaudited)
                 (millions, except per share amounts)


                                   SIX MONTHS ENDED
                                   ----------------
                                  January   January  Percent
                                 27, 2002  28, 2001  Change
                                 --------  --------  --------   
Sales
-----
Contributions:
   North America Soup and Away
    From Home                      $1,618   $1,626    0%
   North America Sauces and
    Beverages                         632      613    3%
   Biscuits and Confectionery         807      792    2%
   International Soup and Sauces      482      305   58%
                                   ------   ------ 
    Total sales                    $3,539   $3,336    6%  
                                   ======   ======      

                                                           Percent
                                                           Change
                                                           Excluding
                                                           Special
                                                           Charges (1)
Earnings                                                   -----------
--------
Contributions:
   North America Soup and
    Away From Home                 $  445   $  552   -19%      -19%
   North America Sauces and
    Beverages                         124      161   -23%      -23%
   Biscuits and Confectionery         110      134   -18%      -12%
   International Soup and Sauces       51       33    55%       55%
                                   ------   ------ 
        Total operating earnings      730      880   -17%      -16%
        Unallocated  corporate 
         expenses                     (64)     (57)
                                   ------   ------ 
Earnings before interest and 
 taxes                                666      823   -19%      -18%
Interest, net                         (98)    (101)
Taxes on earnings                    (194)    (247)
                                   ------   ------ 
Net earnings                       $  374   $  475   -21%      -20%
                                   ======   ======      

Net earnings per share - assuming
 dilution                          $ 0.91   $ 1.12   -19%      -18%
                                   ======   ======      

In the first quarter fiscal 2002 ended October 28, 2001, the company
adopted new accounting standards related to the recognition,
measurement and income statement classification of certain consumer
and trade promotional expenses, such as coupon redemption costs,
cooperative advertising programs and in-store display incentives. In
the fourth quarter of last year, the company adopted new guidance on
the classification of shipping and handling costs. As a result, the
following reclassifications were made to the six month period ended
January 28, 2001, statement of earnings: Net sales were reduced by
$399; Cost of products sold was increased by $105; and Selling,
general and administrative expenses were reduced by $504.

(1) Percent change is calculated excluding the effects of the
    Australian manufacturing reconfiguration plan announced in fiscal
    2001.



                  CAMPBELL SOUP COMPANY CONSOLIDATED
                      BALANCE SHEETS (unaudited)
                              (millions)



                                                  January     January
                                                 27, 2002    28, 2001
                                                 --------    --------

Current  assets                                  $  1,438    $  1,229

Plant  assets,  net                                 1,586       1,570

Intangible  assets,  net                            2,408       1,704

Other  assets                                         617         591
                                                 --------    --------
    Total assets                                 $  6,049    $  5,094
                                                 ========    ========

Current  liabilities                             $  2,888    $  2,732

Long-term  debt                                     2,354       1,742

Nonpension  postretirement  benefits                  330         350

Other  liabilities                                    481         461

Shareowners'  equity                                   (4)       (191)
                                                 --------    --------
    Total liabilities and shareowners' equity    $  6,049    $  5,094
                                                 ========    ========


Total debt                                       $  3,810    $  3,175
                                                 ========    ========

Net debt                                         $  3,778    $  3,137
                                                 ========    ========

CONTACT: Campbell Soup Company
Elizabeth Bingham Douglass (Media)
856/342-3813
or
Leonard F. Griehs (Analysts)
856/342-6428


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